华测导航：GNSS高精定位龙头，海内外业绩稳健成长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 43.09 CNY for 2025, based on a projected PE of 31 times [2][9]. Core Insights - The company is a leader in the GNSS high-precision positioning industry, benefiting from steady industry growth and a robust overseas market expansion, with overseas revenue increasing by 47.5% year-on-year in 2023 [1][7]. - The agricultural machinery autonomous driving and displacement monitoring sectors are expected to drive significant growth, with the company holding a strong competitive position in these areas [1][6]. - The company has made substantial inroads into emerging markets such as three-dimensional surveying, low-altitude economy, and passenger vehicle autonomous driving, which are anticipated to gradually release performance [1][2]. Summary by Sections 1. Company Overview - The company specializes in high-precision GNSS technology and has established a comprehensive GNSS industry chain from chips to software and solutions [1][18]. - The global GNSS market is projected to exceed 20 trillion CNY in 2023, with a domestic market size of over 500 billion CNY, reflecting a year-on-year growth of 7.1% [1]. 2. Market Opportunities - The agricultural sector represents the third-largest application market for GNSS technology in China, with current penetration rates for autonomous driving in agricultural machinery below 15%, indicating significant growth potential [1][6]. - The company’s products are widely used in geological disaster monitoring, with less than 17% of the necessary monitoring equipment currently installed, suggesting a large demand gap [1][6]. 3. Financial Performance - The company’s revenue for the first half of 2024 is expected to grow by 48.1% in the resources and public utilities segment, indicating a strong growth trajectory [1][6]. - The projected compound annual growth rate (CAGR) for net profit attributable to shareholders over the next three years is estimated at 31.5% [2][9]. 4. Business Segments - The construction and infrastructure segment is the company's primary revenue source, contributing 36% of total revenue in the first half of 2024 [1][28]. - The resources and public utilities segment has become the second growth engine, accounting for 46% of total revenue, up from 28% in 2020 [1][28]. 5. Product Development - The company has actively integrated new technologies into its product offerings, including three-dimensional positioning and autonomous driving systems, achieving a revenue growth of 29.8% in the robotics and autonomous driving segment for the first half of 2024 [2][6].